Bitget `not expecting to recover a lot' from $388 million hack, CEO tells CNBC

The logo of Bitget is displayed on a smartphone screen with a stock market chart in the background, in Créteil, France, on June 30, 2026. The MiCA (Markets in Crypto-Assets) regulation is set to fully enter into force, requiring major cryptocurrency platforms to adapt to new standards imposed by the European Union or cease operations in the EU. (Photo Illustration by Samuel Boivin/NurPhoto via Getty Images)Nurphoto | Nurphoto | Getty ImagesApproximately $1.1 million of the nearly $388 million stolen from crypto exchange Bitget in last week’s cyberattack has been frozen, as the platform continues efforts to trace and recover the assets.Frozen assets had not necessarily been returned to the exchange, CEO Gracy Chen told CNBC in an email interview. She did not disclose how much had been recovered.Speaking on CNBC’s “Squawk Box Europe” on Wednesday, Chen said she was “not expecting to recover a lot of funds,” citing the limited recovery from previous cryptocurrency exchange hacks. However, “exchanges have a responsibility to demonstrate how they protect users, particularly when something goes wrong,” she said.Bitget said user account balances were unaffected. The exchange valued its pr...